IBILLIONAIRE INDEX REBALANCE

Billionaires
Diversify, Lean
Toward Health
Care in Q3.

The iBillionaire Index just got a bit more diverse.

The billionaire-driven index has completed its latest
rebalance corresponding to Q3. A number of changes
have taken place in the process, as billionaires seem
to be spreading the chips a bit more evenly.

Performance
The iBillionaire Index reached the one-year mark in November
and has gained +16.47% since inception. Most of the indexs
components performed quite well since its previous rebalance, and
though Octobers market volatility did take a toll, it has bounced
back +9.25% over the past month.

IBILLIONAIRE INDEX
20%

15%

10%

5%

0%

-5%
11/1/13

12/1/13

1/1/14

2/1/14

3/1/14

4/1/14

5/1/14

6/1/14

7/1/14

8/1/14

9/1/14

10/1/14

11/1/14

PERFORMANCE

20%

15%

+16.47%

10%
+9.25%

+7.38%

5%
-0.37%

+7.02%

0%

Going forward, we expect that the US

will remain the best place to invest

DAN LOEB, Third Point LLC

October 21st, 2014

Whats In
Backed by billionaires David Tepper, Julian Robertson and
George Soros, tech giant Facebook (NASDAQ:FB) is making
its iBillionaire Index debut. It is accompanied by 13 other new
additions.
TICKER

COMPANY

SECTOR

HIGHEST-CONVICTION BILLIONAIRE

ABBV

AbbVie Inc.

Health Care

John Paulson, 3.12%

APD

Air Products & Chemicals

Materials

Bill Ackman, 19.93%

CBS

CBS Corporation

Consumer Discretionary

Jorge Lemann, 3.01%

DAL

Delta Air Lines Inc.

Industrials

Julian Robertson, 6.92%

FB

Facebook Inc.

Information Technology

Julian Robertson, 6.36%

GM

General Motors

Consumer Discretionary

David Tepper, 7.00%

GOOG

Google Inc. Information

Technology

David Tepper, 5.42%

HUM

Humana Inc.

Health Care

Larry Robbins, 3.42%

MAS

Masco Corporation

Industrials

Dan Loeb, 2.22%

MON

Monsanto Company

Materials

Larry Robbins, 5.66%

NOV

National Oilwell-Varco

Energy

David Einhorn, 2.44%

THC

Tenet Healthcare Group

Health Care

Larry Robbins, 4.29%

TMO

Thermo Fisher

Health Care

Larry Robbins, 7.24%

WHR

Whirlpool Corporation

Consumer Discretionary

David Tepper, 4.29%

Whats Out
A total of 14 companies exited the iBillionaire Index, including
long-time holdings Cigna (NYSE:CI), Cognizant Technology
Solutions (NASDAQ:CTSH) and AIG (NYSE:AIG). While part of the
index, the three generated stellar returns, climbing +135.17%,
+112.14% and +76.08%, respectively.
TICKER

COMPANY

DAY IN

DAY OUT

GAIN/LOSS

CI*

Cigna Corporation

8/14/2012

11/19/2014

135,17%

CTSH*

Cognizant Technology Solutions

5/17/2010

11/19/2014

112,14%

AIG*

AIG

11/14/2012

11/19/2014

76,08%

MSFT

Microsoft

11/18/2013

11/19/2014

29,62%

MHFI

McGraw Hill Financial

5/20/2014

11/19/2014

17,42%

ICE

Intercontinental Exchange Inc.

8/18/201

11/19/2014

16,17%

MSI*

Motorola Solutions Inc.

5/15/2013

11/19/2014

15,48%

GPS*

The Gap Inc.

8/14/2012

11/19/2014

14,24%

MCK

McKesson Corporation

8/18/2014

11/19/2014

7,37%

APC*

Anadarko Petroleum

8/15/2013

11/19/2014

1,19%

CMCSA

Comcast

8/18/2014

11/19/2014

-0,64%

WMB

Williams Companies

8/18/2014

11/19/2014

-4,97%

8/18/2014

11/19/2014

-22,08%

8/18/2014

11/19/2014

-35,39%

NFLX
RIG

Transocean

* Date in based on backtested data.

Energy Fizzles,
Health Care Sizzles
It hasnt been the best of years for energy
stocks. Falling oil prices have caused even
the biggest companies and the brightest
billionaires to stumble. It comes as little
surprise, then, that Wall Street leaders have
backed away.
The energy sector dropped from a 17%
allocation in the iBillionaire Index in its
Q2 rebalance to a 10% allocation for Q3,
with companies Anadarko Petroleum
(NYSE:APC), Williams Companies
(NYSE:WMB) and Transocean (NYSE:RIG)
making an exit.

pick National-Oilwell Varco (NYSE:NOV),

of which David Einhorn purchased an
additional 460,000 shares in Q3. While the
company hasnt had a banner year on the
stock market, it exceeded expectations in
its latest earnings report, with its revenue
climbing +12% year-over-year. Moreover,
NOV is one of the highest-yielding stocks in
the iBillionaire Index.
Energys losses were health cares gains in
recent months, as the sector went from a
13% allocation on the iBillionaire Index in
Q2 to a 20% representation in Q3. Thermo
(NYSE:TMO), Humana
Inc. (NYSE:HUM) and Tenet Healthcare
(NYSE:THC) joined the basket of billionaire
favorites. All three can be found in the
portfolio of Larry Robbins, one of the
hottest hedge fund managers in recent

half of 2014.
Also making an appearance is AbbVie
(NYSE:ABBV), which made headlines in
recent months due to a potential Shire
merger that in late October imploded. The
research-based pharmaceuticals company
has had an outstanding year, its price
climbing +24.01% through market close
Wednesday and gaining +22.71% in the
past month alone. John Paulson initiated a
13-million-share stake in AbbVie in Q3, and
Steve Mandel picked up 4.2 million shares
of his own.

23%
23%
20%
10%
10%
7%
7%

1.14%

25.02

83.2B

Indicated Dividend Yield

P/E Ratio

Avg Market Cap

672.52B

4.69B

30

Max Market Cap

Min Market Cap

Holdings

IBILLIONAIRE INDEX HOLDINGS

TICKER

COMPANY

TICKER

COMPANY

AAPL

Apple

FOXA

21st Century Fox

ABBV

AbbVie

GM

General Motors

ACT

Actavis

GOOG

Google

ADBE

Adobe

HAL

Halliburton

AET

Aetna

HUM

Humana

APD

Air Products & Chemicals

KORS

Michael Kors

Citigroup

MA

MasterCard

CBS

CBS Corporation

MAS

Masco Corporation

CCI

Crown Castle

MON

Monsanto

CHK

Chesapeake Energy

MU

Micron Technology

DAL

Delta Air Lines

NOV

National-Oilwell Varco

DG

Dollar General

PCLN

Priceline

DOW

Dow Chemical

THC

Tenet Healthcare

EBAY

eBay

TMO

FB

Facebook

WHR

Whirlpool

Learn more about the iBillionaire Index and see the full list of companies at
www.iBillionaireIndex.com